Joint liquidators of Gemma International have been accepting bids from companies that licensors have specified as their preferred suppliers to take on the respective licences going forward.
This news comes a few weeks after Gemma announced it was to cease trading.
PriceWaterhouseCoopers’ Rachel Wilkinson, joint liquidator of Gemma International, told PartyWorldwide.net’s sister website PG Buzz: “We have received a bid from a retailer to buy 90% of the remaining stock in Gemma’s warehouse, but as I have a responsibility to get the best price for the creditors, licensors have requested that we contact their preferred suppliers to invite them to make a bid for the stock.”
Despite plenty of cards, wrap and partyware being sold in the run up to the Creditors Voluntary Liquidation (CVL , Rachel said that there are still “12 truckloads of cards, wrap and partyware” in Gemma’s Andover’s warehouse that she is looking to sell off over the next few days.
“To get the best deal for creditors and to stop costs escalating, I want everything wrapped up by the end of next week,” she confirmed.
Stuart Grant, group sourcing director of The Entertainer confirmed that it has put a bid in to buy 90% of the remaining stock.
The toy retailer, which trades from 168 stores under The Entertainer brand in the UK enjoyed a long-running relationship with Gemma International.
“We were very sad to learn of the demise of Gemma,” said Stuart Grant, group sourcing director of The Entertainer, confirming that The Entertainer acquired a lot of stock from Gemma just prior to the company entering the CVL.
“We did this not for commercial reasons, but as we thought it was right to support the company with whom we have enjoyed such a long friendship,” added Stuart.
Partyware licences held by Gemma included Peppa Pig, PJ Masks, Stormtroopers and Natural History Museum. Agreements with licensors were terminated when PWC was appointed as liquidator and new agreements with other suppliers will be announced in the near future.
